Consolidated Hallmark Insurance (CHI) Plc has said that its premium income increased in the first six month of the year.
For the first six months through June 2015, the company’s net premium income increased by 29.57 percent to N1.84 billion, from N1.42 billion the previous year.
Despite low insurance penetration in Africa largest oil producer, CHI’s gross premium written jumped by 28.78 percent to N3.49 billion in June 2015, compared with N2.71 billion last year.
Consolidated Hallmark’s profit after tax spiked by 76.68 percent to N333.72 million in June 2015, as against N188.92 million last year. Net under writing income jumped by 26.97 percent to N1.93 billion.
The company is also upholding settlement of claims to policy holders as claims ratio jumped to 28.50 percent in June 2015, as against 24.36 percent the preceding year.
The insurer is minimizing costs while maximizing profit as operating expenses remained flattish at N1.10 billion. Operating expenses ratio was down to 59.78 percent in June 2015 compared with 74 percent last year.
This means the company is reducing the amount spent on expenses out of every unit generated in net premium income.